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3 Things European Companies are Doing to Transform CEM
Customer experience is becoming crucial from a business standpoint, and leading European companies are leaving no stones unturned in their quest to optimise it.
FREMONT, CA: Seamless and fulfilling customer experience is proving to be a big differentiator among competing business organisations. The digital age has empowered customers substantially, making it imperative for businesses to understand and address customer expectations through multiple channels of contact. As a response to this changing narrative, companies in Europe are putting in efforts towards developing customer experience management strategies that can make the process streamlined and meaningful.
The priority of customer experience management in Europe is increasing, and companies are opting for innovative, technology-backed ways to engage customers. This is driving the expansion of customer experience management markets in the region. A report by Research and Market has stated that the market segment will experience a growth of 21.0 per cent CAGR between 2018 and 2024. Besides, companies across sectors are subscribing to new business models that are customer-centric in nature. A few ways in which European companies are transforming customer experience management are mentioned below.
• AI to Augment Customer Experience Management
Artificial intelligence is a very impactful technology, and it has displayed a lot of potential in helping companies improve customer experience strategies. The adoption of AI-backed solution is expected to get a boost as leading companies in the European region seek to make customer experience management intelligent and responsive. The use of chatbots as a tool for customer engagement is quickly gaining ground. However, companies have been cautiously scaling the introduction of AI-powered assistants. Most companies are of the view that converging human resources and AI gives the best opportunities for enhancing the customer experience. While human touch-points drive intimacy and emotional-connect, AI-driven chatbots are essential for driving efficiency and consistency in responding to customer queries.
• Reconfiguring Infrastructure to Consolidate Diverse Channels
This digital era has given rise to numerous channels through which service providers and consumers can connect. Customer experience management depends on the ability of companies to integrate diverse channels of communication and deliver a consolidated and consistent engagement strategy across each of them. Companies that limit themselves to fewer channels often fall behind in the competition. This has resulted in most companies opting for digital solutions that enable better connection with customers on web-based platforms, smartphone-based apps, and through calls, emails, and text messages. A well-rounded customer outreach strategy has been the preference for most leading companies.
• Embracing the Power of Analytics to Deliver Personalisation
Personalisation is one aspect that most leading businesses in Europe today, aspire to include in their customer experience management strategies. One of the primary things that modern-day customer expects from businesses is personalised services. As a response to this, companies in Europe have tried continuously to leverage data analytics to understand what individual customers want. Data analytics solutions present companies with valuable, ready-to-use insights. This approach has enabled companies to develop a customer experience that is relevant and has resulted in successful experience management strategies. A feedback mechanism is another crucial tool that leading companies have deployed to understand customer sentiment. Be it an e-commerce company, an online food delivery business, or a financial institution, data analytics has been crucial for building unmatched customer experience.
While some leading companies have opted for comprehensive digital solutions from third-party providers, others have taken a more specific approach with several sets of software applications. With technologies evolving, the initiatives taken by the European companies towards effective customer experience management will see further investments and will result in definitive outcomes.